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                                                   SENATE BILL NO. 6412

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                                                                            C 072 L 88

State of Washington                              50th Legislature                              1988 Regular Session

By Senators von Reichbauer and Moore

Read first time 1/20/88 and referred to Committee on Financial Institutions & Insurance.

AN ACT Relating to the publication of interest rates on retail installment contracts for the purchase of motor vehicles; amending RCW 63.14.135; and declaring an emergency.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

        Sec. 1.  Section 2, chapter 60, Laws of 1986 and RCW 63.14.135 are each amended to read as follows:

(1) On or before December 5th of each year the state treasurer shall compute the maximum service charge allowed under a retail installment contract or charge agreement under RCW 63.14.130(1)(a) for the succeeding calendar year.  The treasurer shall file this charge with the state code reviser for publication in the first issue of the Washington State Register for the succeeding calendar year in compliance with RCW 34.08.020(((8))).

(2) On or before the first Wednesday of the last month of each calendar quarter the state treasurer shall compute the maximum service charge allowed for a retail installment contract for the purchase of a motor vehicle pursuant to RCW 63.14.130(2)(a) for the succeeding calendar quarter.  The treasurer shall file this charge with the state code reviser for publication in the first issue of the Washington State Register for the succeeding calendar quarter in compliance with RCW 34.08.020.

NEW SECTION. Sec. 2.     This act is necessary for the immediate preservation of the public peace, health, and safety, the support of the state government and its existing public institutions, and shall take effect immediately.